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With the former Finance Secretary's new book kicking up a storm, Garg spoke to Moneycontrol on the battle between the government and the Reserve Bank of India over the latter’s surplus distribution policy, shedding light on a key factor that led to him being transferred from the Finance Ministry in July 2019
The government deserves praise for cleaning up the fiscal Augean Stables but needs to recommit itself to the path of lowering the fiscal deficit to the Fiscal Responsibility and Budget Management (FRBM) Act’s target of 3% of GDP, says Subhash Chandra Garg
The Pradhan Mantri Jan-Dhan Yojana has largely met its objective of providing every adult a bank account. Yet, banks are still trying to figure out how to make the accounts cost-effective
'The $10 Trillion Dream' offers a compelling narrative and an expansive blueprint of sorts for a turnaround of the country's economy, but it is not an easy read.
"Crude at $90 is manageable but crude surging to $130 and $135 poses a completely different situation," said Subhash Chandra Garg.
The Regulation of Official Digital Currency Bill, 2021 is likely to be introduced in the Budget Session of Parliament. The bill, if passed, will prohibit the use of cryptocurrency as legal tender and currency.
Garg told Moneycontrol that he wrote the blog post to express what he had done in the past one year and his future plans, but it would have been incomplete without talking about his last few months in government.
Garg also said that the government's Rs 21 lakh crore stimulus package is actually of only Rs 1.4-1.5 lakh crore or about 0.7 percent of the country's gross domestic product (GDP).
In a blog, Garg said the government's tax and non-tax revenues are likely to decline by around Rs 5 lakh crore, while on the expenditure side additional financing of about Rs 6 lakh crore would be required.
Garg also said that the underlying tax revenue situation is grim, he said adding that it is the right time to initiate much needed reforms in the taxation structure.
The panel is likely to suggest a phased transfer of the RBI's excess funds to the government.
Finance Minister Nirmala Sitharaman in Budget 2019-20 announced that the government would start raising a part of its gross borrowing programme from external markets in foreign currencies.
Chakraborty takes over at a time when the government finds itself in a logjam with over transfer of RBI’s surplus reserves; announcements about an overseas borrowing plan has also generated a lot of heat
On July 24, the former finance secretary was moved to the power ministry to replace Power Secretary Ajay Kumar Bhalla who is now appointed as the new Home Secretary, with the government appointing him Officer on Special Duty in the high-profile ministry on July 24.
Garg is a 1983-batch IAS officer from Rajasthan cadre
Finance Secretary Subhash Chandra Garg said the proposed tax on listed companies is aimed at discouraging share buybacks and encouraging investments
Garg said the capital requirement for state-run insurance companies is still being worked out
The committee on ECF was set up by the central bank in December last year and was expected to submit its report within 90 days from the date of its first meeting.
The government in the interim Budget in February revised upward the fiscal deficit target to 3.4 per cent from 3.3 per cent of GDP estimated earlier for the financial year ended March 31.
The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved designating Garg as the Finance Secretary, it said.
As per the interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 per cent for the current fiscal year ending March 31.
Department of Economic Affairs Secretary Subhash Chandra Garg tells Moneycontrol in an interview that the government will achieve the targetted Rs 80,000 crore of disinvestment revenues in 2018-19
While there is no formal declaration by the Indian government on the legalisation of cryptocurrencies, the response has made it clear the government is planning to regulate them
Following the IL&FS defaults, many major NBFCs like DHFL and Indiabulls among others had bad times leading to a massive fall in their stock prices.
Economic Affairs Secretary says the printing of Rs 2,000 notes is going on as per projected requirement
